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Allowance for Credit Losses (Tables)
3 Months Ended
Mar. 31, 2024
Credit Loss [Abstract]  
Forecasted Key Macroeconomic Variables Used in Estimating Lifetime ECL
The following table presents the forecasted key macroeconomic variables in our Central scenarios used for estimating lifetime ECL at March 31, 2024 and December 31, 2023:
For the Quarter Ended
June 30, 2024
December 31, 2024
June 30, 2025
December 31, 2025
Unemployment rate (quarterly average):
Forecast at March 31, 20244.1 %4.3 %4.3 %4.1 %
Forecast at December 31, 20234.3 4.3 4.2 4.1 
GDP growth rate (year-over-year):
Forecast at March 31, 20242.5 1.2 1.6 1.8 
Forecast at December 31, 20231.2 1.1 1.8 2.1 
Summary of Allowance for Credit Losses and Liability for Off-balance Sheet Credit Exposures The following table summarizes our allowance for credit losses and the liability for off-balance sheet credit exposures:
March 31, 2024December 31, 2023
 (in millions)
Allowance for credit losses:
Loans$581 $591 
Securities held-to-maturity(1)
 — 
Other financial assets measured at amortized cost(2)
 — 
Securities available-for-sale(1)
 — 
Total allowance for credit losses$581 $591 
Liability for off-balance sheet credit exposures$123 $111 
(1)See Note 3, "Securities," for additional information regarding the allowance for credit losses associated with our security portfolios.
(2)Primarily includes accrued interest receivables and customer acceptances.
Summary of Changes in the Allowance for Credit Losses by Product Line
The following table summarizes the changes in the allowance for credit losses on loans by product or line of business during the three months ended March 31, 2024 and 2023:
 Commercial LoansConsumer Loans 
Real Estate, including ConstructionBusiness
and Corporate Banking
Global
Banking
Other
Comm'l
Residential
Mortgages
Home
Equity
Mortgages
Credit
Cards
Other
Consumer
Total Loans
 (in millions)
Three Months Ended March 31, 2024
Allowance for credit losses – beginning of period
$144 $302 $127 $1 $(9)$7 $16 $3 $591 
Provision charged (credited) to income(10)7 (8) 1 1  (1)(10)
Charge-offs (1)    (2) (3)
Recoveries 1   1  1  3 
Net (charge-offs) recoveries    1  (1)  
Allowance for credit losses – end of period
$134 $309 $119 $1 $(7)$8 $15 $2 $581 
 Commercial LoansConsumer Loans 
Real Estate, including ConstructionBusiness
and Corporate Banking
Global
Banking
Other
Comm'l
Residential
Mortgages
Home
Equity
Mortgages
Credit
Cards
Other
Consumer
Total Loans
 (in millions)
Three Months Ended March 31, 2023
Allowance for credit losses – beginning of period
$200 $230 $120 $$11 $$16 $$584 
Provision charged (credited) to income(28)38 12 — (10)— (1)12 
Charge-offs— (5)— — (3)(1)(2)— (11)
Recoveries— — — — — 
Net (charge-offs) recoveries— (4)— — (3)— (1)— (8)
Allowance for credit losses – end of period
$172 $264 $132 $$(2)$$15 $$588 
Summary of Changes in the Liability for Off-balance Sheet Credit Exposures
The following table summarizes the changes in the liability for off-balance sheet credit exposures during the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,20242023
 (in millions)
Balance at beginning of period$111 $117 
Provision charged to income12 
Balance at end of period$123 $125 
Summary of Accrued Interest Receivables The following table summarizes accrued interest receivables associated with financial assets carried at amortized cost and securities available-for-sale along with the related allowance for credit losses, which are reported net in other assets on the consolidated balance sheet. These accrued interest receivables are excluded from the amortized cost basis disclosures presented elsewhere in these financial statements, including Note 3, "Securities," and Note 4, "Loans."
March 31, 2024December 31, 2023
 (in millions)
Accrued interest receivables:
Loans$264 $259 
Securities held-to-maturity56 57 
Other financial assets measured at amortized cost58 19 
Securities available-for-sale97 87 
Total accrued interest receivables475 422 
Allowance for credit losses  — 
Accrued interest receivables, net$475 $422